The four directors re-elected were the group's managing director Shamsul Saad, Surya Hidayat Abd Malik, Raja Anuar Raja Abu Hassan and Idris Zaidel, while Hamdan Rasid of Tabung Haji was elected as the new director.
These directors were given the mandate by the shareholders during Petra Perdana post-adjourned 14th annual general meeting (AGM) in Petaling Jaya, Selangor, yesterday.
In a media conference after the post-adjourned AGM, Shamsul said the shareholders have overwhelmingly gave their support to all the five resolutions tabled during yesterday's meeting.
"Petra Perdana has always been a management-driven company and needed continuity at its helm to convert business and operational plans into tangible results," he said.
This mandate was achieved after months of "infighting" between one faction led by Shamsul and the other by former Petra Perdana executive chairman Tengku Datuk Ibrahim Petra.
However, the anticipated show-down between the two factions was an "anti-climax" when shareholders said to be aligned to Tengku Ibrahim had announced their intention to withdraw the nominations of three new directors last Thursday.
Che Nariza Hajjar Hashim, Nik Ismail Tengku Besar Indra Raja and Ramilah Joannah Sulaiman had consensusly agreed to withraw their nominations of Datuk Syed Norulzaman Syed Kamarulzaman, Datuk Shaikh Sulaiman S. Mohamed Ismail and Suhaimi Badrul Jamil respectively.
Moving forward, Shamsul said the company will focus on increasing the utilisation rate of its new and existing vessels as well as ride on the uptrend in the oil and gas industry, particularly in the brown field segment of the industry.
"With the overwhelming shareholders' mandate to the board, and the re-establishment of our alliance with Petra Energy Bhd in place, we are positive that Petra Perdana will be able to ride on the uptrend in the oil and gas industry.
"We are also expecting a gradual improvement in our vessel utilisation rate," he said.
Citing that the company is currently undergoing a consolidation period, Shamsul said it will try to minimise capital expenditure for this year and 2011, including buying of new vessels.
"There will be no more spending on new vessels during this consolidation period. Our last order of two new vessels would be delivered by the end of this year."
He said currently, Petra Perdana has a fleet of 17 new vessels, including the two new vessels pending deliveries.
On whether the group needs to raise fund for its future expansion programme, Shamsul said Petra Perdana currently focuses on exercising a rights issue, slated by the end of the year.
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